Director of Reference Rates

About the role

Company Federal Reserve Bank of New York When you work at the New York Fed, you have the opportunity to make an impact in our communities and across the nation. Our mission-driven, curious, and dedicated colleagues apply their diverse perspectives and unique talents to support the strength of the U.S. economy and stability of the global financial system. At the Bank, we work full-time onsite with our teams. We believe being physically together allows us to draw on our collective strengths, while recognizing that the ability to work flexibly from time to time remains important to achieving our mission. Our Unique Work: The Domestic and International Markets (DIM) Function within the Markets Group executes transactions in the open market on behalf of the Federal Reserve System, the U.S. Treasury Department, and foreign official customers, and conducts detailed analysis of financial market developments in support of the Federal Reserve's monetary policy and financial stability decision-making process. The Director of Reference Rates (RR) is a member of the DIM Senior Leadership team and provides leadership and management to the Reference Rates D irectorate. The Reference Rates business line is composed of one staff unit, across two physical locations, and has a combination of policy-relevant operational and analytical responsibilities. On the operational side, Reference Rates is responsible for producing a number of globally important reference rates, including the Secured Overnight Funding Rate (SOFR) and the Effective Fed Funds Rate (EFFR) . On the analytical side, RR is responsible for producing high quality, timely , and policy-relevant analysis of money market developments, working closely with the Money Markets Directorate, for the Federal Reserve System and U.S. Treasury Department. The Reference Rates Directorate also oversees the administration of the Reference Rate Use Committee (RRUC), an industry group sponsored by the New York Fed to support the integrity, efficiency, and resiliency in the use of U.S. dollar denominated reference rates across financial markets . How You'll Make an Impact as the Director of Reference Rates: Provide strategic leadership of and manage reference rate production and analysis of key money market developments. People management responsibilities: Direct a high-performing team of managers, specialists, and analysts engaged in reference rate production in support of the Federal Reserve Bank of New York's responsibility as an administrator and producer; Provide strong leadership which cultivates a professional workplace environment that promotes inclusiveness, fosters collaboration, and supports open and transparent communication with an emphasis on talent management to attract, develop, and retain top talent; Direct the alignment of resources with the long-term Markets Group strategic plan and work with the DIM senior leadership team to develop and execute DIM's strategy. Align the RR strategic plan with DIM's long run goals and oversee its implementation. Operational and analytical responsibilities: Oversee the range of operations that take place within the Directorate related to reference rates production . Promote strong risk management practices and ensure robust control environment and culture. Collaborate with first, second, and third line partners to ensure the readiness, resiliency and effectiveness of operational tools for the range of reference rate production conducted within the Directorate; Lead the team's experts in delivering high-quality, policy-relevant analysis of developments in money markets in support of the Bank's contributions to the Federal Reserve System ' s monetary policy and financial stability objectives ; Provide thought leadership in setting a forward looking analytical and operational agenda to meet current and future policy needs. Work with senior stakeholders to adjust strategic priorities in response to shifts in the operating environment or policy landscape; Engage with senior leaders across the Bank, Federal Reserve System and U.S. Treasury to ensure operational output and analytical products and briefings are aligned with stakeholders' priorities; Represent the Bank externally in interactions with private sector counterparties and the RRUC to further develop the Bank's understanding of key issues related to the integrity and resiliency of reference rates, including how the use of reference rates is evolving and how the markets underpinning them may be changing as well; Represent the Bank in international meetings and maintain relationships with senior representatives from other central banks on relevant policy issues pertaining to reference rates production . The Unique Skill Sets We're Looking For: Relevant work experience with a demonstrated interest in financial markets and central bank policy implementation. Substantial knowledge of financial instruments, market structure, macroeconomic theory and monetary polic

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